The Florida purchase agreement is a document that includes all the details of the sale and purchase of a certain property. However, the document itself usually doesn’t transfer any legal rights. Instead, it provides the terms under which the seller is going to sell the item and the buyer is going to buy it.
The document usually contains information about the seller and buyer, details about the transferred property, the purchase price, details about the financing, and other terms and conditions.
Florida Purchase and Sale Agreement Form
The Florida purchase and sale agreement usually includes information about the seller and buyer, property description, purchase price, sale date, and other terms and conditions relevant to the property transaction.
The seller and the buyer can use this document to make more complex property transfers. This means that the seller will agree to sell the property, and the buyer will agree to pay the purchase price only if certain conditions are met. Outlining all of these conditions and preventing potential misunderstandings and disputes are the main goals of this type of document.
The Florida purchase agreement is also known as:
Other Names for Florida Purchase and Sale Agreement Form
Florida sale and purchase agreement
Florida purchase and sale agreement
Florida sale and purchase contract
Florida purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Florida.
Purchase Agreement Florida Laws & Requirements
The Florida laws and regulations don’t set any requirements regarding the Florida purchase agreement form. However, the document must include a few disclosures.
Purchase Agreement Required Disclosures in Florida
Here, you can find the list of disclosures that must be included in the Florida purchase agreement form.
Lead-Based Paint Disclosure. This is required by federal law for any property built before 1978 or if there is a known presence of lead-based paint. The seller must inform the buyer if there is any lead-based paint hazard at the property.
Coastal Properties Disclosure. If the property is located on the coast, the seller must inform the potential buyer that the area is subject to erosion and that there are federal, state, or local regulations that govern coastal property. (§ 161.57)
Seller’s Property Disclosure. The seller is required to provide the disclosure form to the potential buyer, stating the condition of the property.
Property Tax Disclosure. The seller must inform the buyer that the property tax might increase after the transfer of ownership. (§ 689.261)
Common Types of Purchase Agreements in Florida
This section provides all the types of purchase agreements used in Florida.
Variety of Purchase Agreement
Residential real estate purchase agreement. This document is used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Parties use it to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Sellers and buyers can use it to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles. This agreement is also known as the motor vehicle bill of sale.
Business purchase agreement. Used to provide terms for transferring the company from the seller to the buyer.
Land purchase agreement. Parties can use it to provide terms for selling and purchasing agricultural, residential, commercial, or other kinds of land in Florida.
Stock purchase agreement. Sellers and buyers can use it for selling stocks and shares in companies.
Purchase Agreement in Florida FAQ
Yes, the Florida purchase agreement becomes legally binding the moment both the seller and the buyer sign the document.
Yes, you must include the purchase price in the Florida purchase agreement since the purchase price is one of the essential elements of the document.
No, considering that you are not directly transferring any legal rights by signing the Florida purchase agreement, you don’t have to notarize it to make it valid and effective.
Yes, the seller can back out of the Florida purchase agreement in the situation where the buyer didn’t meet the contingencies set in the Florida purchase agreement.